SEC Filings

<PAGE> 12
LEVIATHAN GAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(unaudited)
of a monthly rental fee of $100,000 per month for a minimum of six months and
reimbursement of certain actual capital expenditures not to exceed $2,000,000
incurred in readying one of the platforms for use.
Poseidon LLC managed the construction and installation of the initial 117 mile
segment of the Poseidon Oil Pipeline, which was placed in service in April
1996, and Texaco Trading is managing the construction and installation of the
remaining pipelines and facilities comprising the Poseidon Oil Pipeline. Each
of Poseidon LLC and Texaco Trading will earn a performance fee of $1,400,000
for managing the construction of a portion of the Poseidon Oil Pipeline, which
fee may be adjusted if either party manages the construction of any additional
facilities. Through September 30, 1996, Poseidon LLC has received $1,330,000
in performance fees from POPCO.
During the nine months ended September 30, 1996, Flextrend Development was
charged $4.9 million by Sedco Forex Division of Schlumberger Technology
Corporation ("Sedco Forex") for contract drilling services rendered by the
semisubmersible drilling rig, the FPS Laffit Pincay, at its Garden Banks Block
117 project. The FPS Laffit Pincay is owned by an affiliate of DeepTech and
managed by Sedco Forex.
Note 7 - Cash Distributions:
On January 22, 1996, the Partnership declared a cash distribution of $0.60 per
Preference and Common Unit for the period from October 1, 1995 through December
31, 1995. This distribution was paid on February 14, 1996 to Unitholders of
record as of January 31, 1996.
On March 26, 1996, the Partnership declared a cash distribution of $0.65 per
Preference and Common Unit for the period from January 1, 1996 through March
31, 1996. This distribution was paid on May 15, 1996 to Unitholders of record
as of April 30, 1996.
On July 18, 1996, the Partnership declared a cash distribution of $0.70 per
Preference and Common Unit for the period from April 1, 1996 through June 30,
1996. This distribution was paid on August 14, 1996 to Unitholders of record
as of July 31, 1996.
On October 16, 1996, the Partnership declared a cash distribution of $0.75 per
Preference and Common Unit for the period from July 1, 1996 through September
30, 1996. This distribution will be paid on November 14, 1996 to Unitholders
of record as of October 31, 1996.
12